The History Of FHA & It's Importance Today

History Of FHA
Federal Housing Administration (FHA) loans has developed a negative stigma due to various guidelines and a misunderstanding of it's origins and why it is important. This was introduced back in the 1930's when home ownership was well under 50% to help our economy recover from the "Great Depression". The purpose of this was to encourage the growth of home ownership and stabilize the housing economy during tough times.

How FHA Helped Homeowners
This was designed to insure loans with low interests rates so consumers could afford to purchase homes even in difficult economic times. In the 75 year history FHA has insured more than 34 million home mortgages. When this was introduced back in the 1930's when there was a record rate of job losses and increasingly aggressive mortgage terms which it made it nearly impossible for most consumers to afford a home purchase. Hmmm, this sounds familiar,doesn't it? Through the 1970's when interest rates sky rocketed FHA helped stabilize the economy once again. Don't forget about the 1980 recession where once again FHA stabilized the economy. History repeats itself and once again we can face an economy where FHA will be needed to help stabilize our houusing market.

Making FHA A Better Option For You
As a condo association you may suffer if you can not get a FHA loan approved due to disciminatory language. Click here to learn more about how FHA affects your condos value. The next step is to help reduce the negative effects of the up and coming FHA market for those associations that are not approved. Click here to find out more on how to do this.

You can contact me directly at (815) 301-7007 or email me at IllinoisAgent@gmail.com.

Ramond Kennedy
Tinley Park Condo Expert & Consultant
RE/MAX Team 2000